Bank of Amer­ica picks Dublin for EU hub

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

Bank of Amer­ica Corp. has picked Dublin to lo­cate its main Euro­pean Union hub in prepa­ra­tion for Bri­tain quit­ting the bloc in 2019.

The bank will move some jobs from Lon­don to the Ir­ish cap­i­tal and other cities across the re­gion, the bank said in a state­ment Fri­day. Bank of Amer­ica al­ready has a fully li­censed op­er­a­tion in Dublin.

Lon­don has flour­ished as a hub for global fi­nance in part be­cause firms based in the cap­i­tal have the right to do busi­ness across the 28-na­tion EU. Af­ter the Bri­tish exit, Bri­tish banks as well as Lon­don-based firms from the U.S., Ja­pan and other non-EU coun­tries stand to lose this “pass­port” and may need to chan­nel their busi­ness through units based in the bloc.

Dublin is a pop­u­lar des­ti­na­tion — along with Frankfurt — for fi­nan­cial-ser­vices com­pa­nies seek­ing un­in­ter­rupted EU ac­cess. Dublin pro­vides a low-tax English-speak­ing lo­ca­tion and shares sim­i­lar laws and reg­u­la­tions to its U.K. neigh­bor.

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